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OPENDOOR TECHNOLOGIES INC.

(OPEN)
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Q&A: Patrick Halligan, General Manager, D.C. area

09/28/2021 | 09:52am EST

At Opendoor, everything we do starts and ends with our customers. We're dedicated to helping homebuyers and sellers navigate one of the biggest milestones in their lives and move on to their next chapter with ease. Our relentless focus on making buying and selling a home simple, certain, and fast for our customers means we need extraordinary people on our team. We've doubled our footprint with our recent launch in the Washington, D.C., area, and we're thrilled to welcome Patrick Halligan as our newest General Manager.

Washington, D.C., is Patrick's hometown, and he has a deep appreciation for the region's most unique attributes. He's passionate about improving the real estate experience for homebuyers and sellers, while also bringing valuable experience in operations to his new role. We asked Patrick to share more about his journey to Opendoor, what he loves most about D.C., and why local residents can benefit from more options in this competitive market.

Can you tell us a bit about your background and what led you to join Opendoor?
Since graduating from college, I have worked mostly in operations. I started with a very early stage start-up called CityStash that was working to disrupt the self-storage space. Then, I spent the next five years working in various roles at Lyft, most recently managing Lyft's scooter operations in D.C.

I recently discovered a strong passion for the real estate industry which led to me purchasing and completing some rehabs in the Baltimore area. When the Opendoor role came about, it was a match made in heaven and the perfect opportunity to combine my operations experience with my newfound passion for the industry.

What are you most excited about for Opendoor's expansion into Washington, D.C., and your role as General Manager?
I'm most excited about the opportunity to bring Opendoor to my hometown and give folks in my community another option to consider when buying or selling a home. I feel very lucky to be able to work on something that has a direct impact on the community I live in by opening pathways to homeownership.

What makes you proud to call D.C. home?
D.C. is an amazing and unique city. It's the nation's capital and hosts a very robust and diverse population. D.C. also has its own vibe and culture, which includes local music (go-go anybody?), ride-or-die sports fans, and some of the best bars and restaurants in the country.

What's a unique aspect of living in D.C.?
As the nation's capital, it's quite common to have your travel disrupted for a presidential motorcade or some entourage of dignitaries being chauffeured about the city. Locals likely agree that it's equally annoying and fascinating when this happens.

Why is Opendoor a great fit for D.C.?
This area is known for having a robust, stable economy that includes a strong housing market fueled, in large part, by government employees. The area can also be somewhat transient with forces such as administration changes that accelerate people's needs to buy and sell homes quickly. Unfortunately, traditional real estate transactions are not quick in the least bit and that's where Opendoor comes in. We streamline the process and reduce as many seams as possible.

What are your hobbies outside of work?
I read a lot and try to stay fit. I also really enjoy sports and recently began refereeing high school football.

Now for rapid fire questions:
1. What's your favorite neighborhood in D.C.? Navy Yard
2. What is your favorite local bar or restaurant? The Salt Line
3. Where is the best coffee? Compass Coffee
4. Salty or sweet? Salty
5. Favorite movie genre? Dark comedy and classic mafia movies
6. What is the most recent book, podcast or show you binged? Breathe by James Nestor (highly recommend)

Disclaimer

Opendoor Technologies Inc. published this content on 28 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2021 13:51:09 UTC.


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Financials (USD)
Sales 2021 7 353 M - -
Net income 2021 -603 M - -
Net Debt 2021 4 407 M - -
P/E ratio 2021 -8,32x
Yield 2021 -
Capitalization 5 207 M 5 207 M -
EV / Sales 2021 1,31x
EV / Sales 2022 0,77x
Nbr of Employees 1 048
Free-Float 83,9%
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 8,50 $
Average target price 23,00 $
Spread / Average Target 171%
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Managers and Directors
Eric Wu Chairman & Chief Executive Officer
Andrew Low Ah Kee President
Carrie Ann Wheeler Chief Financial Officer
Ian Wong Chief Technology Officer
Daniel Morillo Chief Investment Officer